Midland Signs Definitive Agreement With Barrick for the Lewis Gold Property

Core Viewpoint - Midland Exploration Inc. has signed a definitive option agreement with Barrick Mining Corporation for the Lewis gold property, allowing Barrick to acquire up to a 75% interest in the property through cash payments and exploration work [1][2]. Option Agreement Details - Barrick can acquire a 75% interest in the Lewis property by making total cash payments of $750,000 and funding exploration work of $12,000,000 by December 31, 2032 [2]. - An initial 51% interest can be earned by Barrick through a cash payment of $250,000 and funding at least $3,000,000 in exploration work, including a guaranteed $200,000 by December 31, 2028, leading to a joint venture [3]. - An additional 9% interest can be earned by making cash payments of $200,000 and funding at least $1,500,000 in exploration work by December 31, 2030 [4]. - A further 15% interest can be earned by making cash payments of $300,000 and funding at least $7,500,000 in exploration work by December 31, 2032 [4]. Joint Venture and Ownership Adjustments - If Barrick does not complete the funding options, the joint venture interests will be subject to adjustments based on funding and dilution terms, with dilution below 10% converting to a 2% net smelter return royalty [5]. About the Lewis Property - The Lewis property consists of 154 exclusive exploration rights covering 86 km and is strategically located near significant geological features, including the Nelligan deposit, which has inferred resources of 106.395 million tonnes grading 0.96 g/t Au [6]. - The property is also near the former Lac Shortt mine, which historically produced 2.7 million tonnes at a grade of 4.6 g/t Au [6]. Company Overview - Midland targets mineral potential in Quebec, aiming to discover new world-class deposits of gold and critical metals, and collaborates with reputable partners including Barrick and others [7].